Being caught in a situation where you would need commercial auto insurance without it can bankrupt your business. Here’s everything you need to know about commercial auto insurance, from the coverage it offers to the cost.
Types of Commercial Auto Insurance and Why We Need It
Right off the bat, we can tell you that you should base your commercial auto insurance on your business, your finances, and the risks you encounter every day at work. Even delivery services and couriers carry some commercial auto insurance. Here are the different types of commercial auto insurance that may be right for your business:
● Third party car insurance – The most common type of car insurance to keep your business and insured personal vehicles is third-party auto insurance. Third party generally refers to any expenses you may incur in connection with the repair of your work vehicle. This includes all repair shops and subsequent fixes. Third-party car insurance also offers protection in the event of theft or fire, very real risks for cars used exclusively for professional purposes.
● All-Risk Insurance for Commercial Vehicles – When not in use, parked or stored, a lot can happen to your work vehicle(s). There are often weather and criminal risks like storms, lightning, earthquakes, floods, theft and vandalism that can seriously compromise the vehicle(s) your business depends on.
What commercial auto insurance is needed
From a business perspective, you can easily see why the previously mentioned commercial auto insurance would be necessary when it comes to operating or performing a service involving a vehicle. So, having full comprehensive coverage with standard third-party auto insurance will go a long way to helping you and your business.
Commercial motor insurance in Ghana costs between GHC 221 and GHC 371 per year. The exact cost will depend on factors such as yourself, the vehicle(s) used for the job and the driving records of any other employees acting as drivers. The good news is that there are plenty of ways to get free quotes from several commercial insurers in Ghana that are a perfect match for your business.
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